Genesis Closes Crypto Trading Desk for U.S. Market

Police & Regulations
Sep 6, 2023 at 01:40 pm

Genesis Global Trading (GGT), a subsidiary operating under the umbrella of Genesis Global, has announced its intention to halt its U.S.-focused spot cryptocurrency trading activities by the conclusion of this month. This decision was relayed through an email communication to its customer base on Tuesday.

Effective September 18, GGT will be closing down its over-the-counter trading platform. All outstanding transactions are required to be settled by no later than September 21, with any remaining active accounts slated for closure by the end of the day on September 30. It was explicitly stated in the email that this choice to discontinue these services was made voluntarily and was guided by strategic business considerations.

It is worth highlighting that GGT stands out as one of the few Genesis-affiliated entities that successfully navigated through the financial challenges encountered by the conglomerate, stemming from its involvement in cryptocurrency lending activities earlier this year. Conversely, GGC International Limited, another division with a focus on trading, will continue to provide spot and derivative trading services, as outlined in the email communication.

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